Adrian Orr appointed as new Reserve Bank Governor from 27 March 2018

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says.

“Following the Reserve Bank Board’s unanimous recommendation to me, I have appointed Adrian Orr for a five-year term at the completion of Acting Governor Grant Spencer’s term,” Grant Robertson says.

“I’m delighted the Board has been able to secure a Governor with such a strong track record of delivery and public service. Mr Orr has the technical and leadership qualities required to be Governor and CEO of the Reserve Bank. Further, I consider that he has the skills necessary to successfully lead the Bank through a period of change.

“I would also like to thank Grant Spencer for his stewardship in his Acting Governor role. I wish him all the best for his future endeavours from when he finishes his term,” says Grant Robertson.

Reserve Bank Chairman Professor Neil Quigley says that the Board is pleased to be able to recommend a candidate of Mr Orr’s experience.

“Adrian Orr has a significant breadth of knowledge across central and commercial banking, economics, financial markets and regulation.

“Together with his Chief Executive experience at the New Zealand Superannuation Fund, the Board agreed unanimously that he can bring to the role of Governor of the Reserve Bank strong leadership and commitment to ensure the Bank is fit for its wide role in the New Zealand economy,” Professor Quigley says.

Grant Robertson says: “In accordance with the Act, I will sign a Policy Targets Agreement with Mr Orr in March 2018 before he takes up his appointment.

“The Government announced a review of the Reserve Bank Act in November. The work on the first phase of the review, dealing with the objectives and decision-making processes, and role of the Board, will be substantively completed by the end of March.

“While it will not be possible to pass legislation to amend the Act to reflect any changes from the review before the PTA is signed in March 2018, we will ensure that the new PTA is developed in a manner consistent with the direction of reform.

“If necessary, the PTA will be revised again after the Act has been amended to reflect any changes from the review that cannot be reflected within the provisions of the current Act.

“This is an important time for the Reserve Bank and New Zealand’s monetary policy framework. Mr Orr has the standing and ability to manage this process of change as Governor of the Bank,” Grant Robertson says.

Mr Orr is currently the Chief Executive Officer of the New Zealand Superannuation Fund, a position he has held since 2007. From 2003 to 2007 he was Deputy Governor and Head of Financial Stability at the Reserve Bank. He was Chief Economist at Westpac in New Zealand from 2000 to 2003, and Chief Manager of the Economics Department at the Reserve Bank from 1997 to 2000. Prior to this, he held roles at the National Bank of New Zealand, the Treasury, the OECD and the New Zealand Institute of Economic Research.

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